Energy Institute's Harbert Applauds Progress on Clean Energy Bank

Karen Harbert, President and CEO of the Institute for 21st Century Energy at the U.S. Chamber of Commerce, today issued the following statement regarding the Senate Energy and Natural Resources committee’s hearing this morning on legislation to establish a Clean Energy Deployment Administration (CEDA):

“The Senate Energy Committee is to be commended for this timely proposal that will increase America’s supply of clean energy and does not rely on two of Washington’s most common tendencies: more mandates and more money.

“The creation of a Clean Energy Deployment Administration has the potential to be the single greatest action the government can take to increase our energy security while improving the environment. By injecting much-needed capital into clean energy projects, a clean energy bank like the one proposed will help us deploy near-term technologies that are currently suffering from market inefficiencies. I look forward to working with Chairman Bingaman, Ranking Member Murkowski, and others in Congress to pass this into law.”

In November, the Institute for 21st Century Energy issued 88 specific policy recommendations to President-elect Obama and the new Congress. The creation of a quasi-government Clean Energy Bank designed to accelerate the market penetration of advanced clean energy technologies was one of the Institute’s recommendations. 

The Institute has advocated for a federally-backed entity with the authority to issue loans, loan guarantees, lines of credit, insurance, and other financial products to help support deployment of advanced clean energy technologies. The bank would become self-financing through fees and interest. Today’s hearing follows the release of a joint-staff draft of CEDA legislation.

The mission of the U.S. Chamber’s Institute for 21st Century Energy is to unify policymakers, regulators, business leaders, and the American public behind a common sense energy strategy to help keep America secure, prosperous, and clean. Through policy development, education, and advocacy, the Institute is building support for meaningful action at the local, state, national, and international levels.

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